Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
The Waqf Amendment Bill has been challenged in the Supreme Court. However, it has been signed by
KRK told Vidyut Jammwal a cheap copy of Tiger Shroff, users took classes
Actor and critic KRK is very active on social media. Often, KRK keeps tweeting tauntingly on the
TMC MP called Union Minister Shivraj Singh Chouhan a 'broker', BJP said- apologies
Trinamool Congress MP Kailash Banerjee on Tuesday accused Agriculture and Rural Development Minis
Indian team's fast bowler Mohammed Shami has performed brilliantly so far in the World Cup 2023.
Yuzvendra Chahal's performance in IPL 2022, equaled Harbhajan Singh in this matter
In the 15th season of the Indian Premier League, spinner Yuzvendra Chahal, who played for the tea
JEE Advanced 2022: JEE Advanced 2022 question papers released, answer key will come on this date
Indian Institute of Technology Bombay/IIT Bombay has released the question paper for JEE Advanced
Bihar Public Service Commission released the final result of the 31st Judicial Services Examinati
Afghanistan is going through a severe humanitarian crisis. The situation is that the prisoners ar
Police are continuously investigating the case of firing outside the house of Bollywood superstar
India-Canada Row: Tension continues in diplomatic relations between India and Canada. Meanwhile,
